Investigación

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*Nuevo* Normas NIIF^® 2017—Próximamente

Se espera la última edición de las Normas (Normas NIIF 2017) en julio. 
Esta es la única edición impresa oficial del texto consolidado de los
 pronunciamientos normativos del Consejo de Normas Internacionales
 de Contabilidad emitidos a 1 de enero de 2017.

Novedades de esta edición:

• Aclaraciones a la NIIF 15 Ingresos de Actividades Ordinarias
•  procedentes de Contratos con Clientes;
• Aplicación de la NIIF 9 Instrumentos Financieros
•  con la NIIF 4 Contratos de Seguro;
• Mejoras Anuales a las Normas NIIF Ciclo 2014-2016 
• (que contenían modificaciones separadas a las NIIF 1, NIIF 7, NIIF 10, NIIF 12, NIC 19 y NIC 28);
• Modificaciones a las NIIF 2, NIC 7, NIC 12 y NIC 40; e
• Interpretación CINIIF 22 Transacciones en  
• Moneda Extranjera y Contraprestaciones Anticipadas.

Esta edición se publica en dos partes:

• La Parte A contiene las Normas NIIF^® consolidadas
•  incluyendo las Normas NIC y las Interpretaciones CINIIF y SIC.
• La Parte B contiene los documentos complementarios, 
• tales como Ejemplos Ilustrativos, Guías de Implementación, 
• Fundamentos de las Conclusiones y Opiniones en Contrario.

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Desde CCES

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Desde IFRS Box

How to Account for Debt Factoring or Selling of Receivables

• Posted in:Financial Instruments
• Posted by:Silvia M.

2

When I was auditing the financial statements of one of our clients, I spotted a few strange things:

• There was a huge balance of cash on client’s bank account at the year-end.
  
  And I mean HUGE. To illustrate: normally, the client had about CU 100 000 on the bank account with some variations, but at the year-end, the balance was ten times greater, about CU 1 mil. (CU means currency unit).
• Client’s receivables showed an extremely low balance. In comparison with the previous year, the balance dropped by 90%.

I was a freshman in that audit year and the first thing I did before I started to bother our senior auditor was to look at the client’s bank statements from January next year – that is AFTER the reporting date.
Guess what I discovered!
I was staring at that January bank statement with shock.

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The balance of cash was back to about CU 100 000.
WOW!
Where did this CU 900 000 go?
Just to be on the safe side, I checked also the subledger of receivables.
Not such a big surprise there – the receivables were also back to their normal levels.
Hmmm, something smells here…
Instead of bothering the senior auditor, I went to bother client’s CFO.
The nice talkative lady explained that just before the year-end, they sold a significant amount of receivables… (a Hollywood smile).
My question: Did you buy them back in January?
The smile faded slightly: “Oooh, yes….”
Me, still puzzled: “Why did you do it?”
The remaining smile is replaced with an annoyed look: “Well, there’s nothing wrong with that… we needed to meet the bank’s covenants for our loan and show enough cash on our bank account…”
OK, I understood.
This is called “window dressing” – doing something just before the year-end only to make your numbers looking better than they are.
However in this particular case, the client did it wrong.
In other words, it did not help at all.
Why?
You’re just about to find out!

Why sell receivables?

Many companies regularly sell their receivables to someone else.
There are few reasons for that:

• They need cash and don’t want to (or cannot) wait until their own clients pay invoices.
• They don’t want to deal with the credit risk of their clients.
• They don’t want to employ people who try to call clients, remind them about due dates and missing payments – in other words, they don’t want to bother with collecting of receivables.
• They are trying to “window-dress” their financial statements, just as my client did – but in reality, it does not happen very often.

What is a debt factoring?

In a modern business world, factoring of receivables, or selling receivables with discount is a normal practice of cash management.
Here’s how it works:


 

1. You (food producer in the scheme) sell your products to the customers and issue invoices.
2. As the invoices are due in 90 days (if you deal with big retail chains, then the credit terms are even longer), you cannot afford to wait for the cash and sell the receivables to a factor (factoring company). The receivables are sold with discount that represents both:
   
   • Your fee for having cash immediately (interest on the loan provided by the factor),
   • The revenue of the factoring company.
3. Your customers (retailers in the scheme) pay the invoices when they are due directly to the factoring company.

Now, the principal question is:

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Should you remove the receivables from the financial statements?
Well, it depends.
In fact, you need to decide whether the conditions for derecognition of financial asset were met or not.
If you remember, IFRS 9 Financial Instruments is very sticky in derecognition and it’s much easier to recognize an asset than to derecognize it.
For this reason, IFRS 9 contains a big decision tree helping you to determine whether you should derecognize your asset or not.
When you sell receivables, you need to assess whether you transfer significant risks and rewards of ownership or not in the first instance.
Then, if you don’t, you need to assess whether you retain some control or you have some continuing involvement in the receivables.
There are many types of factoring arrangements with various conditions. The three main types are:

1. Factoring without recourse – in this case, the factor buys all the receivables from you with no right of return to you (if your customers do not pay, then it’s factor’s care).
2. Factoring with recourse – in this case, the factor has the right to return uncollectible receivables to you.
3. Factoring with limited recourse (guarantee) – in this case, you guarantee the losses up to certain amount and the factor can return the receivables only up to the guarantee.

Let me show you how to account for the first two types.

Example: Factoring without recourse

Question:
Tradex is a trading company. Due to urgent cash shortage, it decides to transfer trade receivables to the factoring company for 90% of their nominal amount. Total transferred receivables amount to CU 300 000. The factor has no right of returning the receivables back to Tradex.
Solution
Tradex transfers all the risks and rewards resulting from the receivables to the factoring company.
As a result, Tradex derecognizes the receivables fully, because the derecognition criteria in IFRS 9 are met.
Journal entries are:

• Debit Bank account (CU 300 000*90%): CU 270 000
• Profit or loss – finance expenses (see note below): CU 30 000
• Credit Receivables: CU 300 000

Note: Most of these finance expenses represent the interest, because factoring is a form of a loan from the factor. Therefore, if material, you should accrue the interest expenses and recognize them over the period of financing (not one-time as shown here).
In this case, when the clients do not pay to the factor and go bankrupt, it’s the factor’s care and not Tradex’s care. That’s the biggest advantage of non-recourse factoring.
On the other hand, the discount (the fees) are higher than when factoring is with recourse.

Example: factoring with recourse

Question:
The same situation as above. This time, Tadex transfers the receivables for 96% of their nominal amount. Total transferred receivables amount to CU 300 000. The factor has the full right of returning the receivables back to Tradex if they become uncollectible.

Special For You! Have you already checked out the IFRS Kit? It’s a full IFRS learning package with more than 30 hours of private video tutorials, more than 100 IFRS case studies solved in Excel, more than 120 pages of handouts and many bonuses included. If you take action today and subscribe to the IFRS Kit, you’ll get it at discount! Click here to check it out!

Solution
Tradex retains some risks resulting from the receivables to the factoring company. The clients’ credit risk was not transferred because the factor has the right of return.
As a result, Tradex keeps the receivables in the balance sheet, because the derecognition criteria in IFRS 9 are not met.
The amount received from factoring company is recognized as a liability.
Journal entries are:

• Debit Bank account (CU 300 000*96%): CU 288 000
• Debit Profit or loss – finance expenses (see note below): CU 12 000
• Credit Refund liability: CU 300 000

Note: Most of these finance expenses represent the interest, because factoring is a form of a loan from the factor. Therefore, if material, you should accrue the interest expenses and recognize them over the period of financing (not one-time as shown here).
The subsequent journal entries are:

1. When the customer goes bankrupt and the factor applies the recourse right:
   • Debit Refund liability: CU 10 000 (the amount of uncollectible receivable)
   • Credit Bank account: CU 10 000
2. When the customers pay to the factor (based on some payment report from factor):
   • Debit Refund liability: CU 50 000 (the amount actually collected by the factor)
   • Credit Receivables: CU 50 000

Factoring with guarantee

The most common type of factoring transaction is something in between these two “black or white” cases described above.
Factors often require a guarantee up to certain amount.
As a result, the factor does not have the right to the full return up to nominal amount of receivables, but only up to a guarantee.
Here, there is a continuing involvement in the receivables, so you cannot derecognize them fully.
In the IFRS Kit, there’s an example of this type of factoring solved in Excel file and clearly explained in the video, so please, check it out if interested!

Finally…

Let’s come back to my client from the beginning of this article.
I handed the case to our senior auditor (so finally yes, I bothered him), but this appeared to be the major audit finding.
The senior auditor revised the contract for sale of receivables and it clearly stated that our client has an obligation to buy these receivables back in January next year.
As a result, not all the risks and rewards were transferred and the client needed to put the receivables back to its balance sheet and recognize a refund liability.
Of course, the client did not agree and we issued an audit report with qualification. But that’s another story.

Desde Observatorio ITESM

¿Qué es la educación imaginativa? Entrevista exclusiva con Magdalena Merbilháa

"No hay aprendizaje sin emociones". En entrevista exclusiva para el Observatorio, Magdalena Merbilháa, historiadora, docente y Directora Asociada del Grupo de Investigación en Educación Imaginativa, habla del nuevo rol de los docentes, del papel que jugarán las humanidades en el futuro de la educación y del modelo de educación imaginativa.

 

¿Quién manda en Educación Superior? Las mejores universidades del mundo 2018

QS World University Rankings lanzó su última edición de su reconocido ranking. Para esta edición, QS evaluó 75 millones de citas en más de 12 millones de artículos académicos y analizó 115,000 encuestas patronales y académicas. Por sexto año consecutivo, el MIT encabeza el ranking seguido por la Universidad de Stanford, Harvard, Caltech y la Universidad de Cambridge. Este año el Tecnológico de Monterrey alcanzó el lugar 199 en la lista, colocándose como la mejor universidad privada de México.

Desde Investopedia

TERM OF THE DAY

Simple Moving Average - SMA A simple moving average (SMA) is an arithmetic moving average calculated by adding the closing price of the security for a number of time periods and then dividing this total by the number of time periods.

Breaking it Down: A simple moving average is customizable in that it can be calculated for a different number of time periods, simply by adding the closing price of the security... Read More

Desde HBR

Avoid Communication Fatigue When Working Remotely

In an effort to stay in touch, virtual teams tend to spend a lot of time communicating digitally — on emails, in messaging apps like Slack, or texting. It’s a smart idea to be in regular contact, especially when you don’t have the stop-by-in-person option, but all of that traffic can take a toll on productivity and motivation. So when you’re leading a remote team, consider these two strategies to limit digital communication:

• Routinize updates. Move your team toward brief status reports or bulletins — give them a template. Post it to a dedicated spot on a team site rather than sending it out by email.
• Hold virtual office hours. Make yourself available to the whole team for a few hours each week when people can talk to you about whatever is on their mind. Keep the time consistent if you can, and let everyone know how to get in touch with you. Show people how to use this time by directing off-topic or random remarks to it: “Good question, Peter, but I’d like to save that for office hours this week. OK, back to the agenda.”

Adapted from Leading Virtual Teams (HBR 20-Minute Manager Series)

Desde Deloitte University Press

Article

Talent matters

How a well-designed talent experience can drive growth in emerging markets

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Desde Inform News uk PWC

Accounting and corporate reporting
Standards and interpretations
IASB issues IFRIC 23 'Uncertainty over income tax treatments' - PwC In brief
IFRIC 23 clarifies how the recognition and measurement requirements of IAS 12 are applied where there is uncertainty over income tax treatments. The interpretation is effective from 1 January 2019 subject to EU endorsement.

For further details see our In brief and the press release.

Tools, practice aids and publications
PwC IFRS Talks - Episode 2: IFRS News June 2017
PwC released the second episode of the new podcast series. In this series PwC professionals will help you to keep up to date and share their perspectives on an increasingly complex financial reporting environment. You can listen to episodes at your convenience via your desktop computer or smartphone.

The second episode is 20 minutes of the latest IFRS News from leading IFRS Partners. The impact of Brexit on income tax accounting, a 10 minute lowdown on the new Insurance Standard and proposed changes on accounting for debt modification.

Subscribe to our iTunes channel to receive more podcasts in the series.

20 minutes, twice a month will keep you up to date with IFRS.

Other news
IFRS News - June 2017
The June 2017 issue includes the following articles:

• IFRS 17 issued
• Leases lab - IFRS 16
• Demystifying IFRS 9 for Corporates
• IFRIC Rejections - IAS 36
• The IFRS 15 Mole
• Cannon Street Press

Investigación

ELEMENTOS QUE INTERVIENEN EN UNA INVESTIGACIÓN

Variables que intervienen en una investigación.

El propósito de toda investigación es describir y explicar la variación en el mundo. Es decir, los cambios que ocurren de manera natural o que son causados debido a una manipulación. Las variables son nombres que damos a las variaciones que deseamos explicar y cuya variación es susceptible de ser medida, adquiriendo un valor no constante. Además, son elementos constitutivosde la estructura de la hipótesis.

Las variables deben ser operacionalizadas, es decir, que el investigador deje claro al lector que esta entendiendo por cada variable; el proceso de operacionalización  varia de acuerdo al tipo de investigación y su diseño.

En la investigación científica las variables adquieren valor cuando pueden ser relacionadas con otras; interviniendo principalmente: la variable dependiente y la variable independiente.

Las variables son la materia prima de la investigación cuantitativa ya que son necesarias para el planteamiento del problema con el que se dará paso a la construcción de hipótesis.

Ejemplo:

Hipótesis: el costo del dinero (tasa de interés) en el mercado determina el monto de inversión de las empresas.

• Variable independiente: costo del dinero (tasa de interés).
• Variable dependiente: volumen o monto de inversión por parte de las empresas.

Criterios que intervienen en una investigación.

Cualquier tema de investigación posee varias implicaciones algunas más importantes que otras, las de mayor relevancia deberán ser expuestas.

• Importancia que el investigador le da al tema.
• Interrogantes que se quieren despejar: Tener claras las dudas e inquietudes existentes en el tema.
• El tema de investigación puede ser expuesto desde diversos puntos de vista.
• Problematización del tema de investigación: Problema que existe en el tema de investigación, al cual se le deben encontrar posibilidades de solución.
• Conocer el sentido, la orientación y los elementos con que se cuenta para desarrollar la investigación.

Los criterios que permiten asegurar el rigor y la calidad científica de los estudios. Estos criterios son la credibilidad, la confirmabilidad,  la transferibilidad  y dependencia.

La unificación de estos cuatro criterios permite la confiabilidad de  la investigación.

Desde HBR

What to Ask Candidates Who Decline Your Job Offer

Every company gets rejected by job candidates, and you’re missing a big opportunity if you don’t ask these people why they did it. The next time you get a “No, thank you” call or email, explain that there are no hard feelings and dig deeper for more information. Focus on questions like:

• What did you see as the positive aspects of the role?
• What were your concerns about the role?
• What were the most important factors in the decision you made?
• What feedback or suggestions do you have about your interviews, interviewers, and the interview process itself?
• Can you provide feedback or suggestions for the hiring manager, human resources, or the organization overall?

These conversations might be awkward, but if you don’t solicit feedback from people you’ve interviewed, they may give that feedback publicly, like on a website such as Glassdoor.

Adapted from “Why You Should Interview People Who Turn Down a Job with Your Company,” by Ben Dattner

Desde Investopedia

TERM OF THE DAY

Fiduciary Rule Fiduciary rule requires retirement advisors to put their clients' needs and best interests before their own. This rule is regulated by the Department of Labor (DOL), and it was enacted to prevent financial advisors from taking advantage of their clients by giving them bad retirement advice. This bad advice tends to result in the financial firm benefiting from hidden fees that are granted through fine print.

Breaking it Down: Fiduciary rule sets forth specific regulations to prevent retirement advisors from benefiting from... Read More

Desde Observatorio ITESM

Radar de Innovación Educativa 2017

Descarga directa del reporte El mundo está cambiando de manera cada vez más acelerada y la educación no es la excepción. La velocidad que se requiere para responder a los nuevos retos que se presentan en el sector educativo obliga a las instituciones a estar mejor informadas para anticipar los cambios e ir un paso adelante. El Radar de Innovación Educativa 2017 presenta al día de hoy las tendencias emergentes en pedagogía y en tecnología educativa dentro del Tecnológico de Monterrey en el nivel de profesional (licenciatura). El mapa que ofrece incluye la perspectiva de los profesores sobre las motivaciones, los obstáculos y los beneficios que les reporta a estos docentes situarse en la vanguardia de la práctica educativa.

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Desde Accounting Today

Read More »   The Tax Office of Tomorrow   Tax practices and tax departments alike are in for major changes over the next five years, as technology, demographics and new regulations reshape the landscape.   Sponsored By: CPA.com, Drake Software, Office Tools, Sage Software, SmartVault, SurePrep, Thomson Reuters and Wolters Kluwer

Desde Virtualization & Cloud Review

Disaster Recovery Best Practices

Date: Tuesday, June 13, 2017 at 11:00 AM PDT / 2:00 PM EDT 
Doing business requires that businesses stay online, thus an extended outage can be costly. Don’t let lack of planning make your business a statistic:

• 40% of companies that face disasters without a plan go out of business within two years.
• The FBI says $209 million was exhorted by cybercriminals in the first three months of 2017.
• The National Hurricane Center says that $50 billion in losses can be caused by a hurricane.

Learn what you should include in your disaster recovery plan and how your plan fits into the business continuity planning process by joining us at this upcoming webinar.

Date: 06/13/2017

Time: 11:00 am PT

Sponsored By

Desde HBR

Take on Uncomfortable Tasks to Help You Grow

There are things at work that make us want to hide under our desks. Perhaps you’d rather swallow nails than make small talk with strangers at a networking event. Or maybe the idea of speaking in public makes you break into a cold sweat. But the reality is that even if you find these tasks unpleasant, they’re necessary to growing in your career. You have to get out of your comfort zone, so start with small steps. Instead of giving a talk at an industry event, sign up for a public speech class. Instead of speaking up in the boardroom in front of your senior colleagues, start by doing it in smaller meetings with peers to see how it feels. You may stumble, but that’s OK. In fact, it’s the only way you’ll learn, especially if you can appreciate that missteps are an inevitable — and in fact essential — part of the learning process.

Adapted from “If You’re Not Outside Your Comfort Zone, You Won’t Learn Anything,” by Andy Molinsky

Desde IFAC

 

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